Merchants Bank of Indiana


Overview / Commentary
317-569-7420
410 Monon Blvd.
Carmel, IN 46032

Merchants Bank of Indiana is headquartered in Carmel and is the 3rd largest bank in the state of Indiana. It is also the 166th largest bank in the nation. It was established in 1923 and as of March of 2021, it had grown to 390 employees at 6 locations. Merchants Bank of Indiana's money market rates are 70% higher than the national average, and it boasts an A+ health rating.

Related Posts

Merchants Pulls the Plug on Outgoing Transfers - 2/18/2021

The yield on Merchants' Money Market, recently lowered from 1% APY, remains (at least for now) at .75% APY. But without notice they have suddenly -- very suddenly -- discontinued originating external transactions. In practice, they have just deleted ALL my ACH links on their site! Could this be an attempt to retain funds, by inhibiting the tide of cash outflow? Who knows, but here's Merchants' story, via email to me, within the past hour: Policy and procedures with the Money Market Accounts are being changed, since this is a regulated "Savings Account", we no longer can offer external transfers, bill pay, debit cards or ACH origination. I can get you checks if you would like, and we will wire funds without a charge when you need to move funds to another financial institution. But we can only receive funds into the account if you either do a wire or initiate an ACH transfer from the other financial institution.

Money Market Rate Drop From 1.00% To .75% APY On 1 Jan 2021 - 1/2/2021

Nice Happy New Year wish from MBOI on Jan 1 to their customers. As a New Years celebration they dropped the rate by .25% after holding steady for about 9-months. https://www.merchantsbankofindiana.com/personal-banking/#money-market

Rate Dropped - 1/2/2021

The rate dropped from 1% to 0.75%

View all posts from:


5 Stars NO Problems & A Human Touch!

A former and satisfied Marcus and CIT account holder who's had ZERO problems with either of them (but, couldn't get an SFGI account opened after 3 attempts last month) but, the .55% APY rate (and dropping!) is just to low to accept with an almost 6 digit balance; All I can say: my MBoI opening went "perfect" for their 1% money market; applied online Saturday, 1 biz day later (Monday) I got a CALL from a human, who led me through "the process", I checked next day, the trial deposits showed, I confirmed online and then the ACH withdraw a day after, all in all took 3 days from start to finish opening the account. (The linking of accounts for ACH will take another 2 days though - see below). I also called today, just one ring, on a Friday afternoon no less, I got a human with a name (a manager !) for my account number etc., and opened my online portal. So far, no issues, the online app worked as described though it was a bit slow and the account description says "checking" even though it's the 1% "Money Market", (but, it worked), and MB clerks and manager were personable, On three calls they answered the phone fast and were VERY polite! Answers of same questions by different reps were consistent. The online system is a bit "clunky feeling" and "overprotective" of information but, it links your accounts elsewhere, has free bill pay, et all, etc., and does seem to work ok. Lotta features on the site, it appears anyway this is a VERY good bank for your FULL banking business: checking, credit cards, savings, bill pay, loans, Waiver of ATM fees, etc., (The human touch - fast and personable has been admirable) et all if one was inclined to switch and didn't want a Credit Union or a monster mega bank! I'm only looking for a high(er) interest account to park "liquid savings" of $50-$100K (outside my CD ladder) without the xfer limits, call hold times, special rules, et all etc., (they say to call or email for any amount over $5K ACH from the MoIB site and an external ACH linked account can be any amount and works fine), hassles and other problems of Vio, Regions Bank, Ally, "fintechs", etc., all the other problematic online banks that I read about on this board. All seems excellent, so far so good! My ACH external test xfers were also not a problem (My "Bank": First Command Bank, Fort Worth, TX has THE BEST CUSTOMER SERVICE, and my ACH From FCB to MBoI was flawless!) and $22K and $50K~ xfers went and were available overnight to Merchants. On the negative side, you should expect from opening online to setting up/linking a transfer account for an ACH xaction on the site with MBoI to be completed that the "process" will take a week. I also recently called for a PoD on the account "No problem". :) Paperwork was emailed in minutes and printed for hardcopy to return. (Be nice if it could be accomplished online though :) Thus 5 star ratings with a drop to 4 for the online system describing the account as checking and the fact of having to call for PoD and not completing online, and limits of internal ACH over $5K and not a direct online email portal (though it's easy to find/lookup). Nice folks too at MBoI!

Account Opening

Posted by: |

I am sharing my experience in setting up a Money Market Account at Merchants Bank of Indiana.

I attempted to complete the online application multiple times yesterday and was unable to get past the step where I entered my personal information. Finally, I received a popup saying to contact the bank.

This morning, I called the Carmel Midtown branch and spoke with Cathy. She suggested that I try completing the online application without specifying I wanted a joint account. This did not work, so I called her back and she sent me a secure message with profile forms to complete. We completed the profile forms and attached copies of our drivers’ licenses, and sent back via secure message.

Within a few hours, I received a call from Madison. Madison apologized for the misinformation I had received from the branch office, and explained that my application had not processed because of a problem with my license information. Also, that the application had to be completed online and that I must wait 48 hours before trying again. Madison had to put me on hold, but Jessica came on the phone to help me. It was agreed that I could call in two days and either Madison or Jessica would attempt to walk me through the online application.

After my conversation with Madison and Jessica, I sent an email to Cathy asking that she forward the information I had sent her to Madison and Jessica. I received a prompt email reply saying that she would take care of it.

I was set to wait two days to setup the account, but I got a voice mail from Cathy saying that Matt would be sending me emails that would provide a link to sign the account application using DocuSign. Shortly thereafter we received two emails from Matt, and my wife and I provided our electronic signatures.

I sent an email to Matt and he called me to confirm the account had been setup. On the same day I first called them.

While it would have been nice to just submit the online application and have the account setup, I was delighted to see that there were real people at Merchants Bank of Indiana that cared about helping me.

If I find out any additional information worth sharing as I get things setup, I will share in a future post.

Interesting New Product From Merchants Bank Of Indiana

Posted by: |

I got an email from them describing a product called Insured Cash Sweep where they will place any funds on deposit that exceed your FDIC/NCUA insurance limits with them at other insured FIs but you get the same yield as at Merchants, currently 0.75% for Money Market. Theoretically operates like a single account but with effectively higher insurance limits.

I'm trying to understand the fine print.

Merchants Pulls The Plug On Originating External Transfers

Posted by: |

The yield on Merchants' Money Market, recently lowered from 1% APY, remains (at least for now) at .75% APY.

But they have suddenly -- very suddenly, without any warning -- discontinued originating eternal transactions. In practice, they have just deleted ALL my ACH links on their site!

Could this be a way to retain cash, by attempting to stem the tide of outflow? Who knows, but here's Merchants' story, via email to me, within the past hour:

Policy and procedures with the Money Market Accounts are being changed, since this is a regulated "Savings Account", we no longer can offer external transfers, bill pay, debit cards or ACH origination. I can get you checks if you would like, and we will wire funds without a charge when you need to move funds to another financial institution. But we can only receive funds into the account if you either do a wire or initiate an ACH transfer from the other financial institution.

VIEW MORE REVIEWS

Health
A+

Health Grade Components

Overall
FDIC Certificate #8056
Year Established1923
Employees390
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.62%
Return on Equity - YTD28.92%
Annual Interest Income$77.4MM
Assets and Liabilities
AssetsQ1 2021vs Q1 2020$9.45B$7.69B
LoansQ1 2021vs Q1 2020$8.67B$6.58B
DepositsQ1 2021vs Q1 2020$7.92B$6.55B
Equity CapitalQ1 2021vs Q1 2020$922.1MM$652.7MM
Loan Loss AllowanceQ1 2021vs Q1 2020$28.4MM$18.4MM
Unbacked Noncurrent LoansQ1 2021vs Q1 2020$3.9MM$11.0MM
Real Estate OwnedQ1 2021vs Q1 2020$0$144.00K
Rates
Skip to rates for:
Report an Issue

Always verify rates and promotions with the bank or credit union. We are not Merchants Bank of Indiana; we are a rate comparison website and cannot provide official rates or promotions.

Merchants Bank of Indiana Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%-$1mMoney Market Account

Merchants Bank of Indiana CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.65%$1k-36 Month CD
0.60%$1k-30 Month CD
0.55%$1k-24 Month CD
0.50%$1k-18 Month CD
0.45%$1k-15 Month CD
0.40%$1k-9 Month CD
0.40%$1k-12 Month CD
0.35%$1k-1 Month CD
0.35%$1k-2 Month CD
0.35%$1k-3 Month CD
0.35%$1k-4 Month CD
0.35%$1k-6 Month CD
Locations


Merchants Bank of Indiana Locations
Indianapolis Bank Branch3737 East 96th StreetIndianapolis, IN 46240
Spartanburg Branch6880 South Arba PikeLynn, IN 47355
Merchants Bank Of Indiana410 Monon Blvd.Carmel, IN 46032
Merchants Bank Of Indiana Carmel Office Branch11590 North Meridian StreetCarmel, IN 46032
Lynn Branch7375 South Us Highway 27Lynn, IN 47355
Merchants Bank Of Indiana - The Rich701 E Main StRichmond, IN 47374

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.